Government Approves Major Wage, Pension Revisions for Insurance, NABARD, RBI Staff

• The Central Government has approved significant wage revisions for Public Sector General Insurance Companies (PSGICs) and NABARD employees, effective August 2022 and November 2022 respectively.
• Pension revisions have also been cleared for retirees of RBI and NABARD, aiming to provide financial relief and maintain living standards.
• PSGIC employees will see a 12.41% rise in the overall wage bill, including a 14% increase on basic pay and DA, benefiting 43,247 employees.
• Family pension for PSGICs is uniformly revised to 30%, benefiting 14,615 family pensioners.
• RBI retirees will receive a 10% increase on basic pension plus dearness relief, impacting 30,769 beneficiaries with a total financial implication of ₹2,696.82 crore.

Why It Matters: India's government approved substantial wage and pension hikes for public sector insurance, NABARD, and RBI personnel.